Importance of Innovation are:
Solving problems:
Most ideas are derived from attempts to solve existing problems. As such, when you encourage innovation, you are opening doors for solutions to problems both within and outside your company. If your business provides services, you might realize that your customer does not have an avenue to share their opinions, complaints, and compliments. The only avenue available could be the physical office. So, to solve the problem, you could decide to operate a virtual office where customers’ needs can be attended to within a short The customers will be happy and as a result, your sales will go higher.
Adapting to change:
This is especially evident in the technological world where rapid changes are defining the business. Change is inevitable and innovation is the method to not only keep your business afloat but also ensure that it remains relevant and profitable. With the rise in mobile phones, the traditional telephone had to find ways to remain the Same case with your business, when you develop an innovation culture, you remain relevant at all times.
Maximizing globalization:
With markets all over the world becoming more interlinked, greater opportunities are emerging in these new markets, and with that, new needs For instance, China and India are estimated to be the leading markets, and Africa is predicted to be the next “hot spot”. Therefore, if your company hopes to tap into this market share, innovation is a must to enable you to capitalize on the opportunities opening up.
Facing up the competition:
The corporate world is always very competitive, and with many new companies coming up, the top position in the industry is no longer a reserve of a few. To retain or establish your company’s cutting edge, you can compete strategically by having a dynamic business that can make strategic and innovative moves and thus cut above the rest.
Evolving workplace dynamics:
The demographics in the workplace are constantly With the new generation that has entered the marketplace; new trends are also coming up. Innovation is therefore critical to ensure the smooth running of the company.
Customers’ changing tastes and preferences:
The current customer has a great variety of products and services available to him and is well informed of his choices than before.